How to withdraw from your online casino account and what to expect when doing it

Online casinos have significantly expanded in the last decade, claiming more and more users every day. Only in the last two years, online gambling has seen a 70% growth rate worldwide.

It is estimated that Canadians have wagered somewhere around 15 million dollars in sports betting alone. Some institutions forecasted that roughly 65% of adults from Canada would place at least a bet in online casinos this year.

For this reason, it’s essential to know how to use and efficiently interact with an online platform since real money is involved.

A few easy steps for making withdrawals

Making a withdrawal is similar to depositing, considering that most of the steps are the same. However, before making a cash-out, consider reading the terms and conditions since some iGaming platforms require the deposited sum to be wagered in full before allowing withdrawals.

To withdraw money from an online casino account, a Canadian player must follow these steps:

  • Log in to your account on the casino’s website.
  • Go to the cashier section usually found in My Account. It some cases it can have a dedicated withdrawal category located in the menu.
  • After going to the cashier or my account, click the withdrawal category.
  • Select your preferred payment method. Keep in mind that most iGaming platforms will require Canadian players to cash out via the same method they deposited with.  
  • Fill in the required banking information and enter the amount you wish to cash out.
  • Hit the confirm button, and your request will appear in pending status.  

Remember that while the withdrawal request is in pending status, it can be canceled by the account holder.

Casino payment processing

The casino will have to process the request before validation.

This processing can be between a few hours to a few days, usually no more than three. Most platforms show on their website how much time it takes to process a withdrawal request.

Payment method processing

After the platform processes and approves your withdrawal, the payment will have to be processed a second time by the financial service provider used by you.

The time frame in which the funds will reach your account depends on the payment method. There are much more intricacies about how transactions work that you should be informed about before joining an iGaming platform.

If you ask yourself, how long does it take to withdraw money from online casinos? It depends on the platform, but generally, e-wallets are the fastest to process transactions, followed by credit & debit cards. Lastly, bank transfers usually take the longest time before the funds reach an account.

KYC and verification checks

Licensing is a critical factor that can influence how a casino does business. A licensing institution ensures a casino is safe and transparent with its information regarding game fairness, anti-fraud rules, and much more.

Depending on who licenses the iGaming platform, the verification checks, also known as the Know Your Customer procedure, can trigger:

  • Before making a deposit
  • After you request a withdrawal
  • When you request a cash out that exceeds a particular sum

The KYC procedure means that an online casino will ask any Canadian player for documents that validate the information he introduced during the account creation and his source of funds. These checks are in place to prevent any unlawful activity or abusive behavior.

Casino limitation when it comes to withdrawals

The online casino withdrawal limits vary depending on the platform and sometimes the payment method.  

Usually, they are set somewhere between C$10 to C$50 for minimum withdrawal limits.

Maximum cash out has limits for one transaction and daily, weekly, and monthly total withdrawals. Most of the time, the restrictions for one transaction coincide with the highest daily limit; the weekly and monthly withdrawals can range from C$3000 to unlimited, so it depends a lot on the online casino.

Always read the user agreement or the casino banking page to see precisely the lowest and highest withdrawal limits on a specific iGaming platform.

Conclusion

Online casinos are here to stay, and the Canadian Government has started to be more open to the whole idea of sports betting and gambling in general. This can be seen more clearly than ever with the legalization of single-game sports betting in August 2021.

With the administration approving such laws, more and more options will appear every day regarding online gambling. So, any Canadian player must know the basics of how online casinos work to have a more efficient and straightforward gambling experience.

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